Chicago bankruptcy professionals descended on the
US Supreme Court to catch the final chapter in the RadLAX bankruptcy saga,
one that had a remarkably swift journey to the highest court of the
land. The case started as the neglected stepchild of Amalgamated
Bank, the trustee of the deeply undersecured...

The
Supreme Court heard arguments yesterday in RadLAX Gateway Hotel over
whether the Bankruptcy Code permits a debtor in a chapter 11 case to sell
encumbered assets without providing its secured lenders an opportunity to
credit bid their debt.
As
previously described on this site , a circuit...

WASHINGTON, D.C. - The U.S.Supreme Court today affirmed
that a debtor company may not obtain confirmation of a nonconsensual Chapter 11
plan that permits the debtor to sell collateral free and clear of a creditor
bank's lien without permitting the bank to credit-bid at the sale ( RadLAX
Gateway...

LexisNexis Core Overview: Sales free of liens under 11 U.S.C.S. § 1129(b)(2)(A) [ an annotated version of this statute is available to lexis.com
subscribers ] had to satisfy § 1129(b)(2)(A)(ii)'s requirements, not those
of both § 1129(b)(2)(A)(ii) and (iii), thus, the debtors could...

On this edition, Ancela Nastasi of Fulbright & Jaworski and Kenneth Klee of Klee, Tuchin, Bogdanoff & Stern discuss the May 29, 2012 U.S. Supreme Court decision in RadLAX Gateway Hotel LLC v. Amalgamated Bank in which the court held that a secured creditor has a right to credit bid its secured...